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3 Tips to Buy Guaranteed Savings Plan

Saving is the most fundamental habit that parents instill in their children from an early age. It is absolutely essential to open and invest in the greatest savings plan in order to achieve all of the long-term and short-term goals.

  • 6,255 Views | Updated on: Mar 20, 2024

Most people consistently invest a modest portion of their income into a savings plan that can help them protect their future and the future of their loved ones. In India, a savings plan is, without a doubt, regarded as the most suited investment option, and many people choose these programs to achieve their objectives. The appropriate savings strategy might help you gradually increase your financial standing.

The ultimate purpose of investing in life insurance is to ensure that our families live a worry-free and financially stable future in case of our absence. Guaranteed savings plans offer a stable financial structure that allows you to save money consistently. This helps you ensure you have built decent monetary resources to support your family’s future. You know that term insurance is popular due to features like tax savings. However, the best-guaranteed savings plans are a more reliable and flexible financial product that will help you save money while ensuring a guaranteed return.

In the case of the best-guaranteed savings plan, you continue to get the benefits even if you outlive your plan’s tenure. This makes it the most viable and safer option compared to other insurance policies in the market that come with some of the other risk factors involved.

This article will discuss the three tips for buying the best-guaranteed savings plan that will help you understand the key features of a guaranteed savings plan that you should look for before investing in them. However, before discussing the tips for a guaranteed savings plan, let’s briefly understand what guaranteed savings plans are.

What are Guaranteed Savings Plans?

A life insurance policy that promises a guaranteed return is also known as a guaranteed endowment plan and a guaranteed return plan. With these policies, you get systematic savings and decent returns and life insurance benefits. In addition to this, the best-guaranteed savings plan also offers you the flexibility to choose the policy duration and the amount of premium that fits your financial requirement. At the end of your policy, the money is paid out as a lump sum amount or through a regular instalment over a specific period. Many people consider these plans the best investment option for retirement.

Benefits of Guaranteed Savings Plan

For your retirement, you must have a savings plan with rewards at maturity that are guaranteed. Here are the top 4 benefits of the best-guaranteed savings plan:

3 Tips To Buy Guaranteed Savings Plan

Loyalty Additions

If all due premiums are paid on time, the plan delivers Loyalty Additions related to the fund value starting at the end of the fifth policy year and every fifth year until the conclusion of the premium payment term.

Reduction in Premium

The policyholder can reduce the premium payable under the policy by up to 50% of the annualized premium after paying the premiums on time for the first five years of the policy, subject to the applicable minimum premium restrictions based on the Cover Option selected.

Settlement Option

A guaranteed savings investment plan’s ability to be used to obtain a loan from the insurance company at times of emergency and grave need is one of its main advantages. Depending on the type of plan you choose, you may be able to borrow a different amount of money.

3 Tips to Buy Guaranteed Savings Plan

Planning to buy a saving plan? Here are a few tips for the best-guaranteed savings plan that you must consider before investing in them

1. Define your long-term goal and choose a flexible policy

The long-term investment in any policy depends on the objective of the investment. And it is this future objective that will help in choosing the best-guaranteed saving plan for you. Additionally, this will also help you determine the policy tenure and the premium amount.

Moreover, selecting a savings plan is easier once you have your financial goals defined. However, choosing a flexible plan that can adapt to your income and budget-related constraints is always advised. So, choose a plan that allows you to pay your premiums as per your choice, either in lump sum amounts or in instalments.

2. Avail riders and loan facilities

This is one of the critical tips for the best-guaranteed savings plan. Experts suggest that while opting for a savings scheme, you should also choose the one that offers a variety of riders fitting your need and at the same time also offers you a loan facility to meet any emergency need. So, it’s best to pick the best-guaranteed savings plan that offers you a loan against your investment and deducts it when the policy matures.

3. Choose your insurance provider prudently

You must have often seen that people go for options that offer marginally better returns than some of the well-established insurance companies. You need to understand that having good insurance and an established insurance service provider is important because it helps you in different operational and transactional processes. Also, if you invest in a well-established insurance company, you don’t have to worry about the safety of your capital amount.

Conclusion

An amazing financial solution that skilfully blends the aspects of insurance and savings is a guaranteed savings plan. With the correct plan in your portfolio, you may not only guarantee your family’s financial security but also put yourself in a position to achieve your long-term objectives.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Kotak Guaranteed Fortune Builder

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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.

  • Guaranteed@ Income Benefit for upto 25 years
  • Flexibility to choose income period
  • Premium break for females on child birth or any listed specific illnesses
  • Life cover for the premium payment period
  • Enhance your life cover with rider offerings

ARN. No. KLI/23-24/E-BB/1201

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  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

- A Consumer Education Initiative series by Kotak Life

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